財稅差異與會計資訊價值攸關性

Book-Tax Differences and the Value-relevance of Accounting Information

范宏書(Hung-Shu Fan) ； 林彥廷(Yan-Ting Lin) ； 陳慶隆(Ching-Lung Chen)

《管理與系統》 24卷4期 (2017/10) Pp. 539-564

https://doi.org/10.29416/JMS.201710_24(4).0003

摘要

過去研究認為會計所得與課稅所得間之財稅差異 (book-tax difference, BTD) 可能傳遞有關企業之盈餘管理或租稅規避等投機行為之資訊，故財稅差異可能會影響盈餘與權益帳面價值兩項會計資訊之價值攸關性。本研究利用股價-盈餘-權益帳面價值模式，以1992 年至2012年之台灣上市櫃公司進行測試，實證結果顯示財稅差異數會降低盈餘資訊之價值攸關性，以及提升權益帳面價值資訊之價值攸關性，意謂當公司之財稅差異數越大，其盈餘管理或租稅規避程度越大，此時當期盈餘較無法提供有關公司未來超常盈餘資訊，盈餘價值攸關性越低，但另一方面，投資人於評價時會轉而依賴權益帳面價值所提供之正常盈餘或清算價值資訊，導致權益帳面價值之價值攸關性提高。此外，本研究進一步將財稅差異拆解為正常財稅差異與異常財稅差異，並發現導因於盈餘管理或租稅規避的異常財稅差異亦會降低盈餘的價值攸關性，進而導致權益帳面值的價值攸關性提高。本研究與既有文獻之差異在於由財稅差異觀點探討盈餘與權益帳面價值兩項會計資訊之價值攸關性的相互消長情況。

關鍵字

財稅差異 ； 盈餘管理 ； 租稅規避 ； 價值攸關性 ； 會計資訊

並列摘要

Prior research suggests that book-tax differences (BTD) contain not only information about the divergent reporting rules for book and tax purpose, but also information about earnings management and tax avoidance. As a result, BTD might affect the value relevance of earnings and equity book value. This study uses the price-earnings-book value model and the data of the firms listed in Taiwan from 1992 to 2012 to test the influence of BTD on the value relevance of earnings and equity book value. The empirical results show that BTD decreases the value relevance of earnings but increases the value relevance of equity book value. The results suggest that large BTD resulting from earnings management and tax avoidance would hamper earnings persistence and reduce the value-relevance of earnings. On the contrary, large BTD would increase the value-relevance of equity book value because investors rely more on equity book value than on earnings to value stock prices when firms have large BTD. Moreover, the BTD is further decomposed into normal BTD and abnormal BTD, and the empirical results reveal that abnormal BTD resulting from earnings management and tax avoidance would also decrease the value relevance of earnings and increase the value relevance of equity book value. This study contributes to the value-relevance related literature by investigating from the perspective of book-tax differences.

並列關鍵字

Book-Tax Difference ； Earnings Management ； Tax Avoidance ； Value-relevance ； Accounting Information

參考文獻

范宏書(2009)。盈餘平穩化與會計資訊的相對價值攸關性。台大管理論叢。19(S2)，127-164。

范宏書、陳慶隆、廖英任(2008)。盈餘管理對會計資訊的相對價值攸關性之影響。管理與系統。15(1)，93-136。

陳明進、蔡麗雯(2006)。財稅所得差異決定因素及課稅所得推估之研究。管理學報。23(6)，739-763。

陳明進(2009)。財務報表資料推估課稅所得之研究。管理學報。26(6)，625-636。

張文瀞、周玲臺、林修葳(2003)。內部人持股連續變動公司之盈餘管理行為特性。會計評論。37，53-83。